Cryptocurrency Cronos, the token exchange of cryptocurrency exchange Crypto.com is trading nearly 8% higher although most of the cryptocurrency market is seeing a slight correction today. The project reacted positively despite reports of another 20% wave of layoffs of Crypto.com employees, the radical staff reduction is expected to result in a 25% drop in operating costs. The exchange has about 70 million users worldwide.
- Cronos lost more than 50% of its value in the week that FTX went bankrupt, as investors became decidedly more wary of tokens issued by centralized exchanges. In November 2022, a Crypto.com executive reported that the company had less than $10 million exposure to FTX. Although the price of Bitcoin has managed to completely make up for the losses that the largest cryptocurrency recorded after the collapse of FTX, the tokens of exchanges including Cronos still have not completely erased the declines.
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- The exchange's co-founder and CEO, Kris Marszalek, announced Friday that the Singapore exchange will cut 20% of its workforce, although it is unclear exactly how many layoffs it will make.According to the CEO, the exchange has been recording good results but market conditions and recent events in the industry prompted his decision.
- Last June, the Crypto.com exchange indicated that it would lay off 260 employees, at the time this represented roughly 5% of the workforce, so laying off 20% of the workforce today would likely involve a reduction of roughly 800 employees. Crypto.com has joined the growing list of cryptocurrency exchanges that have announced staff cuts in the face of FTX's bankruptcy. This was declared by Kraken, Coinbase, Huobi and Blockchain.com, among others.
Cronos, D1 interval. Comparing the Cronos cryptocurrency to Bitcoin (yellow chart), we see that the cryptocurrency is still about 40% short of making up for the declines caused by the collapse of Sam Bankman Fried's exchange. Source: xStation5
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